Bank of America Corporation $BAC Shares Sold by SevenBridge Financial Group LLC

SevenBridge Financial Group LLC reduced its position in shares of Bank of America Corporation (NYSE:BAC) by 18.4% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 79,912 shares of the financial services provider’s stock after selling 18,056 shares during the quarter. SevenBridge Financial Group LLC’s holdings in Bank of America were worth $3,796,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Bank of America in the 2nd quarter worth about $5,091,641,000. Arrowstreet Capital Limited Partnership lifted its position in Bank of America by 124.8% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 17,619,837 shares of the financial services provider’s stock valued at $833,771,000 after purchasing an additional 9,782,208 shares during the last quarter. ABN AMRO Bank N.V. acquired a new position in Bank of America during the 2nd quarter valued at about $202,439,000. Unisphere Establishment increased its stake in shares of Bank of America by 1,642.5% in the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after purchasing an additional 3,954,250 shares during the period. Finally, OMERS ADMINISTRATION Corp raised its holdings in shares of Bank of America by 881.5% during the second quarter. OMERS ADMINISTRATION Corp now owns 4,210,388 shares of the financial services provider’s stock valued at $199,236,000 after buying an additional 3,781,417 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 1.1%

Shares of NYSE:BAC opened at $55.14 on Monday. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $55.30. The company has a 50 day moving average price of $52.39 and a 200 day moving average price of $49.53. The stock has a market capitalization of $402.66 billion, a price-to-earnings ratio of 15.02 and a beta of 1.30. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same period in the previous year, the firm earned $0.81 earnings per share. Bank of America’s revenue for the quarter was up 10.8% compared to the same quarter last year. On average, research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s payout ratio is 30.52%.

Wall Street Analysts Forecast Growth

BAC has been the topic of several analyst reports. Wolfe Research raised their target price on Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research report on Tuesday, October 7th. TD Cowen lifted their price objective on shares of Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Sunday, October 19th. Finally, Royal Bank Of Canada upped their price target on shares of Bank of America from $56.00 to $59.00 and gave the stock an “outperform” rating in a research note on Friday. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $57.86.

Bank of America Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.